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l For more information contact us at: adf.consumercouncil@defence.gov.au ADF Financial Services Consumer Council Do you need a Financial Adviser? How do you find an Adviser? How does an Adviser get paid? What should you ask the Adviser? Our new eLearning module can help you get Financial Advice. www.adfconsumer.gov.au 24 Lifestyle AIR FORCE December 11, 2008 WEAPON selection can be a cru- cial part of any military operation. If you're in the sandscapes of the Middle East, you'll need different equipment to that required in the South Pacific. Each and every situation requires you to adapt accordingly. Similarly, when it comes to your personal finances, equipping yourself with the right tools is very important. If you currently complete all your banking online with many direct deb- its, you might choose a different bank account from someone who prefers face-to-face service and a chequebook. There are several reasons why you might want to move your everyday bank account (or 'transaction account') from one bank, building society or credit union to another. You might find an account that offers extra benefits or charges lower fees, or you may want a better interest rate. Easier than you think The Government has introduced new measures to make it easier for con- FINANCE Selecting the right bank account is an important decision and crucial for your financial future, writes ASIC Chairman Tony D'Aloisio. BANK ON IT: Choosing the right bank account is as important as selecting the right weapon. Photo: CPL Andrew Hetherington sumers to switch bank accounts. Under these new measures, your current and future provider will help you make the switch. Shop around New transaction accounts are intro- duced to the market every day. It pays to shop around to see if there's another account that better suits your needs. Compare the fees and features of your current account with other products on the market. If you find one that's better, then switching could be worth it. As ADF members, it may be impor- tant that your account has an easy- to-use interface for online banking, especially if you live on-base or are deployed much of the time. Whatever your priority, ask around and find out who can provide the best service for you. There are also a number of websites that offer more detailed information to help you compare accounts and other financial products, including: www.can- nex.com.au, www.infochoice.com.au and www.ratecity.com.au Automatic payments If you find an account that offers more of what you want at the right price, you'll need to update your automatic payments, including: Direct debits, for example, payments for insurance policies, phones, loans and utilities. Direct credits, for example, your pay, government benefit payments or tax refunds. Banks, building societies and credit unions have agreed to make it easier for people to re-establish their automatic payments so it's now easier for you to switch accounts. This service became available in November. Follow these steps to make the switch easier: Set up your new transaction account. Leave your old account open with sufficient funds to cover any auto- matic payments that need to be made during the change-over period. Ask your current financial institution for a list of all your regular direct debits and credits. They will provide you with a list of your automatic pay- ments over the last 13 months. Take that list to your new financial institution. They will help you re- establish those payments on the new account. After you are sure all your automatic payments have been updated to your new account, you can safely close your old account. It pays to double-check old account statements. Remember to check on auto- matic payments between your transac- tion account and other accounts, such as an online savings account or credit card account. Annual subscriptions and membership fees are other things to keep in mind. For more information, visit ASIC's con- sumer website, FIDO at: www.fido. gov.au or call 1300 300 630. Email ASIC with topics that interest you at ADFcolumn@asic.gov.au Make yourself accountable